REITs - Uncorrelated?

[DaveV]

Below is the Pearson Correlation for all symbols in the VNQ REITs ETF correlated with SPY, sorted by descending correlation. The higher the number the closer the correlation.


SPY Correl Symbol Name
SPY 0.65 PCH PotlatchDeltic Corporation
SPY 0.64 RYN Rayonier Inc
SPY 0.63 WY Weyerhaeuser Company
SPY 0.59 STAG STAG Industrial, Inc
SPY 0.59 PLD Prologis, Inc
SPY 0.58 MNR Monmouth Real Estate Investment Corporation
SPY 0.57 TRNO Terreno Realty Corporation
SPY 0.57 ILPT Industrial Logistics Properties Trust
SPY 0.57 LXP Lexington Realty Trust
SPY 0.56 ARE Alexandria Real Estate Equities, Inc
SPY 0.56 EGP EastGroup Properties, Inc
SPY 0.56 INVH Invitation Homes Inc
SPY 0.56 WPC W. P. Carey Inc
SPY 0.55 OFC Corporate Office Properties Trust
SPY 0.55 GLPI Gaming and Leisure Properties, Inc
SPY 0.55 FR First Industrial Realty Trust, Inc
SPY 0.55 AMT American Tower Corporation (REIT)
SPY 0.54 VER VEREIT, Inc
SPY 0.54 AMH American Homes 4 Rent
SPY 0.53 STAR iStar Inc
SPY 0.53 LAMR Lamar Advertising Company (REIT)
SPY 0.53 HR Healthcare Realty Trust Incorporated
SPY 0.52 GTY Getty Realty Corp
SPY 0.52 PSB PS Business Parks, Inc
SPY 0.52 RMAX RE/MAX Holdings, Inc
SPY 0.51 EQIX Equinix, Inc. (REIT)
SPY 0.51 DOC Physicians Realty Trust
SPY 0.51 GNL Global Net Lease, Inc
SPY 0.50 DRE Duke Realty Corporation
SPY 0.50 CTRE CareTrust REIT, Inc
SPY 0.50 HIW Highwoods Properties, Inc
SPY 0.49 IIPR Innovative Industrial Properties, Inc
SPY 0.49 QTS QTS Realty Trust, Inc
SPY 0.49 OUT Outfront Media Inc. (REIT)
SPY 0.49 CCI Crown Castle International Corp. (REIT)
SPY 0.49 FCPT Four Corners Property Trust, Inc
SPY 0.49 PEAK Healthpeak Properties, Inc
SPY 0.48 APLE Apple Hospitality REIT, Inc
SPY 0.48 CUZ Cousins Properties Incorporated
SPY 0.48 KW Kennedy-Wilson Holdings, Inc
SPY 0.48 VICI VICI Properties Inc
SPY 0.48 UMH UMH Properties, Inc
SPY 0.48 ADC Agree Realty Corporation
SPY 0.48 MGP MGM Growth Properties LLC
SPY 0.47 ELS Equity LifeStyle Properties, Inc
SPY 0.47 CWK Cushman & Wakefield plc
SPY 0.47 GMRE Global Medical REIT Inc
SPY 0.47 STOR STORE Capital Corporation
SPY 0.46 SBRA Sabra Health Care REIT, Inc
SPY 0.45 CBRE CBRE Group, Inc
SPY 0.45 MPW Medical Properties Trust, Inc
SPY 0.45 AVB AvalonBay Communities, Inc
SPY 0.45 UHT Universal Health Realty Income Trust
SPY 0.45 GOOD Gladstone Commercial Corporation
SPY 0.45 IRET Investors Real Estate Trust
SPY 0.44 MAA Mid-America Apartment Communities, Inc
SPY 0.44 IRM Iron Mountain Incorporated
SPY 0.44 HTA Healthcare Trust of America, Inc
SPY 0.44 SRC Spirit Realty Capital, Inc
SPY 0.44 IRT Independence Realty Trust, Inc
SPY 0.43 O Realty Income Corporation
SPY 0.43 REXR Rexford Industrial Realty, Inc
SPY 0.43 ESS Essex Property Trust, Inc
SPY 0.43 FOR Forestar Group Inc
SPY 0.43 UNIT Uniti Group Inc
SPY 0.43 DEA Easterly Government Properties, Inc
SPY 0.42 BDN Brandywine Realty Trust
SPY 0.42 PDM Piedmont Office Realty Trust, Inc
SPY 0.42 LTC LTC Properties, Inc
SPY 0.42 EQR Equity Residential
SPY 0.42 COR CoreSite Realty Corporation
SPY 0.42 RLGY Realogy Holdings Corp
SPY 0.42 CHCT Community Healthcare Trust Incorporated
SPY 0.42 KRC Kilroy Realty Corporation
SPY 0.41 OLP One Liberty Properties, Inc
SPY 0.41 COLD Americold Realty Trust
SPY 0.41 NXRT NexPoint Residential Trust, Inc
SPY 0.41 UDR UDR, Inc
SPY 0.41 MMI Marcus & Millichap, Inc
SPY 0.41 NMRK Newmark Group, Inc
SPY 0.41 DEI Douglas Emmett, Inc
SPY 0.41 JOE The St. Joe Company
SPY 0.40 WELL Welltower Inc
SPY 0.40 CONE CyrusOne Inc
SPY 0.40 WRE Washington Real Estate Investment Trust
SPY 0.40 NNN National Retail Properties, Inc
SPY 0.40 VTR Ventas, Inc
SPY 0.40 SUI Sun Communities, Inc
SPY 0.39 RMR The RMR Group Inc
SPY 0.39 ACC American Campus Communities, Inc
SPY 0.39 CLNY Colony Capital, Inc
SPY 0.39 SHO Sunstone Hotel Investors, Inc
SPY 0.39 DLR Digital Realty Trust, Inc
SPY 0.39 TRC Tejon Ranch Co
SPY 0.39 WRI Weingarten Realty Investors
SPY 0.39 ALX Alexander's, Inc
SPY 0.39 SVC Service Properties Trust
SPY 0.38 EPRT Essential Properties Realty Trust, Inc
SPY 0.38 NHI National Health Investors, Inc
SPY 0.38 RDFN Redfin Corporation
SPY 0.38 CTT CatchMark Timber Trust, Inc
SPY 0.38 CXP Columbia Property Trust, Inc
SPY 0.38 AFIN American Finance Trust, Inc
SPY 0.38 JLL Jones Lang LaSalle Incorporated
SPY 0.37 SLG SL Green Realty Corp
SPY 0.37 RHP Ryman Hospitality Properties, Inc
SPY 0.37 RLJ RLJ Lodging Trust
SPY 0.37 HHC The Howard Hughes Corporation
SPY 0.36 HPP Hudson Pacific Properties, Inc
SPY 0.36 RPAI Retail Properties of America, Inc
SPY 0.36 JBGS JBG SMITH Properties
SPY 0.36 SITC SITE Centers Corp
SPY 0.36 OPI Office Properties Income Trust
SPY 0.36 BRX Brixmor Property Group Inc
SPY 0.36 NSA National Storage Affiliates Trust
SPY 0.35 OHI Omega Healthcare Investors, Inc
SPY 0.35 AHH Armada Hoffler Properties, Inc
SPY 0.35 ALEX Alexander & Baldwin, Inc
SPY 0.35 RPT RPT Realty
SPY 0.34 KIM Kimco Realty Corporation
SPY 0.34 BXP Boston Properties, Inc
SPY 0.34 CPT Camden Property Trust
SPY 0.34 SAFE Safehold Inc
SPY 0.34 SBAC SBA Communications Corporation
SPY 0.34 SPG Simon Property Group, Inc
SPY 0.34 DRH DiamondRock Hospitality Company
SPY 0.34 VNO Vornado Realty Trust
SPY 0.34 KRG Kite Realty Group Trust
SPY 0.34 HST Host Hotels & Resorts, Inc
SPY 0.34 WSR Whitestone REIT
SPY 0.34 PEB Pebblebrook Hotel Trust
SPY 0.33 CORR CorEnergy Infrastructure Trust, Inc
SPY 0.33 AAT American Assets Trust, Inc
SPY 0.33 CLDT Chatham Lodging Trust
SPY 0.33 XHR Xenia Hotels & Resorts, Inc
SPY 0.33 UE Urban Edge Properties
SPY 0.33 BFS Saul Centers, Inc
SPY 0.32 EXPI eXp World Holdings, Inc
SPY 0.32 SRG Seritage Growth Properties
SPY 0.32 INN Summit Hotel Properties, Inc
SPY 0.32 CPLG CorePoint Lodging Inc
SPY 0.32 PK Park Hotels & Resorts Inc
SPY 0.31 FRT Federal Realty Investment Trust
SPY 0.31 ESRT Empire State Realty Trust, Inc
SPY 0.31 PGRE Paramount Group, Inc
SPY 0.30 CUBE CubeSmart
SPY 0.30 SNR New Senior Investment Group Inc
SPY 0.30 REG Regency Centers Corporation
SPY 0.30 ROIC Retail Opportunity Investments Corp
SPY 0.29 HT Hersha Hospitality Trust
SPY 0.29 TCO Taubman Centers, Inc
SPY 0.29 DHC Diversified Healthcare Trust
SPY 0.28 UBA Urstadt Biddle Properties Inc
SPY 0.28 AKR Acadia Realty Trust
SPY 0.28 CDR Cedar Realty Trust, Inc
SPY 0.28 EPR EPR Properties
SPY 0.28 FSP Franklin Street Properties Corp
SPY 0.28 CIO City Office REIT, Inc
SPY 0.27 LSI Life Storage, Inc
SPY 0.27 EXR Extra Space Storage Inc
SPY 0.27 AIV Apartment Investment and Management Company
SPY 0.26 MAC The Macerich Company
SPY 0.26 GEO The GEO Group, Inc
SPY 0.26 RVI Retail Value Inc
SPY 0.25 PSA Public Storage
SPY 0.25 SKT Tanger Factory Outlet Centers, Inc
SPY 0.25 EQC Equity Commonwealth
SPY 0.24 WPG Washington Prime Group Inc
SPY 0.23 CLI Mack-Cali Realty Corporation
SPY 0.23 APTS Preferred Apartment Communities, Inc
SPY 0.23 BHR Braemar Hotels & Resorts, Inc
SPY 0.23 CXW CoreCivic, Inc
SPY 0.09 ASPS Altisource Portfolio Solutions S.A
SPY 0.09 JCAP Jernigan Capital, Inc
SPY 0.08 FPH Five Point Holdings, LLC
SPY 0.08 RESI Front Yard Residential Corporation

 

[Sig]

I'm well aware of beta, but was trying to ascertain some info regarding REITs/correlations.

If a REIT has a beta of 1 or greater it's entirely correlated with the market. If it has a beta of 0 it's entirely uncorrelated with the market. If it has a negative beta it's negatively correlated with the market in the same manner. If you want a qualitative answer for your question, which appeared to be what you were looking for, beta provides exactly that and is easy to find anywhere. If you're actually looking at building a MPT portfolio and want to see how a specific REIT correlates to your specific portfolio which is different from the S&P 500 you can dig deeper, but beta effectively is a measure of the correlation of the systemic risk of a security to the S&P 500. No need to make this any more complicated than it already is!

 

[vanzandt]

One of the richest men in America, and by far the largest landowner:

John Malone says he's buying hard assets like housing in bet on currency devaluation
Published Thu, Nov 19 20209:17 AM ESTUpdated 2 Hours Ago
Yun Li@YunLi626
Key Points

• Liberty Media Chairman John Malone said he's increasingly invested in hard assets like housing and commodities.
• 
  
• Malone also told CNBC he sees "substantial interests" in multifamily housing.
  
  
• The media icon revealed that he bought irrigated farms.

Sorry guys, I can't help it lol.
Early?
Or vision?

Wiz... I still think for the long haul, residential REITS are a good buy. When I say "long haul" here, I am talking several years out. I see multi-family housing being a growing trend with millennials. Home ownership is not what they want. They're too lazy, as a whole. Home ownership is a pain in the ass. I work with a lot of millennials and none of them dream the "American Dream". Posh apartment complexes are where its at, at least for them. Again, this is a long term view.

 

[vanzandt]

Ooops....
One more.

[

For the long term real-estate is the place to be... but its going to have to be selective.

There will still be plenty of individuals with piles of money, that said I would still avoid high dollar homes, and on the lower end, no one with money wants to be a slum lord. Therefore, the focus as an individual real-estate investor imo... is buying large tracts of land. That's where the money will be in real-estate going forward.

For an investment for people who can't afford that, I think once again, and I have been saying this now for a few years here... the multi-family REITS should emerge from this crisis stronger than ever as home-ownership for many many areas of this country will be an incredible challenge for a large percentage of Millennial's.

If you've got money... buy large land tracts. Still pricey, but they're as cheap as they'll ever be I suspect.
Your grandkids will thank you. jmho
-vz

tty'all later.